问：我公司是在深圳证券交易所上市的公司，公司对员工实施股权激励，形式为限制性股票，该限制性股票分年解禁，请问员工取得解禁前的股息红利是否适用按50%计入应纳税所得额，适用20%的税率计征个人所得税的政策？

　　Q: Our company is listed on the Shenzhen Stock Exchange and implements equity incentives for employees in the form of restricted stocks. These restricted stocks are released annually. May I ask if the policy of including 50% of the dividends received by employees before the release of restrictions in the taxable income and applying a 20% tax rate for personal income tax is applicable?

　　答：《财政部 国家税务总局 证监会关于实施上市公司股息红利差别化个人所得税政策有关问题的通知》（财税[2012]85号）第一条规定，个人从公开发行和转让市场取得的上市公司股票，持股期限在1个月以内（含1个月）的，其股息红利所得全额计入应纳税所得额；持股期限在1个月以上至1年（含1年）的，暂减按50%计入应纳税所得额；持股期限超过1年的，暂减按25%计入应纳税所得额。上述所得统一适用20%的税率计征个人所得税。前款所称上市公司是指在上海证券交易所、深圳证券交易所挂牌交易的上市公司；持股期限是指个人从公开发行和转让市场取得上市公司股票之日至转让交割该股票之日前一日的持有时间。

　　Answer: According to Article 1 of the "Notice of the Ministry of Finance, the State Administration of Taxation, and the China Securities Regulatory Commission on Relevant Issues Concerning the Implementation of Differentiated Personal Income Tax Policies for Dividends and Bonuses of Listed Companies" (Caishui [2012] No. 85), if an individual obtains listed company stocks from public issuance and transfer markets and holds them for a period of less than one month (including one month), their dividend and bonus income shall be fully included in the taxable income; If the shareholding period is between one month and one year (including one year), it shall be temporarily reduced by 50% and included in the taxable income; If the shareholding period exceeds one year, it shall be temporarily reduced by 25% and included in the taxable income. The above-mentioned income shall be uniformly subject to a personal income tax rate of 20%. The listed company referred to in the preceding paragraph refers to a listed company listed and traded on the Shanghai Stock Exchange and Shenzhen Stock Exchange; The holding period refers to the period from the date an individual acquires shares of a listed company from the public offering and transfer market to the day before the transfer and delivery of the shares.

　　《财政部 国家税务总局 证监会关于上市公司股息红利差别化个人所得税政策有关问题的通知》（财税[2015]101号）第一条规定，自2015年9月8日起，个人从公开发行和转让市场取得的上市公司股票，持股期限超过1年的，股息红利所得暂免征收个人所得税。个人从公开发行和转让市场取得的上市公司股票，持股期限在1个月以内（含1个月）的，其股息红利所得全额计入应纳税所得额；持股期限在1个月以上至1年（含1年）的，暂减按50%计入应纳税所得额；上述所得统一适用20%的税率计征个人所得税。第三条规定，上市公司股息红利差别化个人所得税政策其他有关操作事项，按照《财政部 国家税务总局证监会关于实施上市公司股息红利差别化个人所得税政策有关问题的通知》（财税[2012]85号）的相关规定执行。

　　According to Article 1 of the "Notice of the Ministry of Finance, the State Administration of Taxation, and the China Securities Regulatory Commission on Issues Related to Differentiated Personal Income Tax Policies for Dividends and Bonuses of Listed Companies" (Caishui [2015] No. 101), starting from September 8, 2015, individuals who obtain listed company stocks from public issuance and transfer markets and hold them for more than one year are temporarily exempt from personal income tax on dividend and bonus income. If an individual obtains shares of a listed company from the public offering and transfer market with a holding period of less than one month (including one month), the full amount of dividend income shall be included in the taxable income; If the shareholding period is between one month and one year (including one year), it shall be temporarily reduced by 50% and included in the taxable income; The above-mentioned income shall be uniformly subject to a personal income tax rate of 20%. Article 3 stipulates that other relevant operational matters of the differentiated personal income tax policy for dividends and bonuses of listed companies shall be implemented in accordance with the relevant provisions of the "Notice of the Ministry of Finance, the State Administration of Taxation, and the China Securities Regulatory Commission on the Implementation of the Differentiated Personal Income Tax Policy for Dividends and Bonuses of Listed Companies" (Caishui [2012] No. 85).

　　财税[2012]85号第六条规定，本通知所称个人从公开发行和转让市场取得的上市公司股票包括：（一）通过证券交易所集中交易系统或大宗交易系统取得的股票；（二）通过协议转让取得的股票；（三）因司法扣划取得的股票；（四）因依法继承或家庭财产分割取得的股票；（五）通过收购取得的股票；（六）权证行权取得的股票；（七）使用可转换公司债券转换的股票；（八）取得发行的股票、配股、股份股利及公积金转增股本；（九）持有从代办股份转让系统转到主板市场（或中小板、创业板市场）的股票；（十）上市公司合并，个人持有的被合并公司股票转换的合并后公司股票；（十一）上市公司分立，个人持有的被分立公司股票转换的分立后公司股票；（十二）其他从公开发行和转让市场取得的股票。

　　Article 6 of Caishui [2012] No. 85 stipulates that the stocks of listed companies obtained by individuals from public issuance and transfer markets referred to in this notice include: (1) stocks obtained through the centralized trading system or block trading system of the stock exchange; （2） Stocks acquired through agreement transfer; （3） Stocks obtained through judicial deduction; （4） Stocks obtained through lawful inheritance or family property division; （5） Stocks acquired through acquisition; （6） Stocks obtained through exercise of warrants; （7） Stocks converted using convertible corporate bonds; （8） Obtain issued stocks, rights issues, stock dividends, and conversion of public reserves into share capital; （9） Holding stocks transferred from the proxy share transfer system to the main board market (or the SME board, ChiNext board market); （10） The merger of listed companies involves the conversion of individual holdings of the merged company's stock into the merged company's stock; （11） The separation of a listed company and the conversion of individual held shares of the separated company into shares of the separated company; （12） Other stocks obtained from public offerings and transfer markets.

　　财税[2012]85号第四条规定，对个人持有的上市公司限售股，解禁后取得的股息红利，按照本通知规定计算纳税，持股时间自解禁日起计算；解禁前取得的股息红利继续暂减按50%计入应纳税所得额，适用20%的税率计征个人所得税。前款所称限售股，是指财税[2009]167号文件和财税[2010]70号文件规定的限售股。

　　According to Article 4 of Caishui [2012] No. 85, for individuals holding restricted shares of listed companies, the dividends and bonuses obtained after the lifting of restrictions shall be calculated and taxed in accordance with the provisions of this notice, and the holding period shall be calculated from the date of lifting restrictions; The dividends obtained before the lifting of the ban will continue to be temporarily reduced by 50% and included in the taxable income, with a personal income tax rate of 20% applicable. The restricted shares referred to in the preceding paragraph refer to the restricted shares specified in the Finance and Taxation [2009] No. 167 and Finance and Taxation [2010] No. 70 documents.

　　《财政部 国家税务总局 证监会关于个人转让上市公司限售股所得征收个人所得税有关问题的通知》（财税[2009]167号）第一条规定，自2010年1月1日起，对个人转让限售股取得的所得，按照“财产转让所得”，适用20%的比例税率征收个人所得税。第二条规定，本通知所称限售股，包括：1.上市公司股权分置改革完成后股票复牌日之前股东所持原非流通股股份，以及股票复牌日至解禁日期间由上述股份孳生的送、转股；2.2006年股权分置改革新老划断后，首次公开发行股票并上市的公司形成的限售股，以及上市首日至解禁日期间由上述股份孳生的送、转股；3.财政部、税务总局、法制办和证监会共同确定的其他限售股。

　　According to Article 1 of the "Notice of the Ministry of Finance, the State Administration of Taxation, and the China Securities Regulatory Commission on Relevant Issues Concerning the Collection of Personal Income Tax on Income from the Transfer of Restricted Shares of Listed Companies by Individuals" (Caishui [2009] No. 167), starting from January 1, 2010, the income obtained by individuals from the transfer of restricted shares shall be subject to personal income tax at a rate of 20% based on "property transfer income". Article 2 stipulates that the restricted shares referred to in this notice include: 1. The original non tradable shares held by shareholders before the resumption of trading of the shares after the completion of the shareholding reform of the listed company, as well as the shares converted from the above-mentioned shares during the period from the resumption of trading to the unlocking date; 2. Restricted shares formed by companies that have issued and listed their shares for the first time after the separation of old and new shares in the 2006 equity reform, as well as bonus and conversion shares generated from the above-mentioned shares between the first day of listing and the unlocking date; 3. Other restricted shares jointly determined by the Ministry of Finance, the State Administration of Taxation, the Legal Affairs Office, and the China Securities Regulatory Commission.

　　《财政部 国家税务总局 证监会关于个人转让上市公司限售股所得征收个人所得税有关问题的补充通知》（财税[2010]70号）第一条规定，本通知所称限售股，包括：（一）财税[2009]167号文件规定的限售股；（二）个人从机构或其他个人受让的未解禁限售股；（三）个人因依法继承或家庭财产依法分割取得的限售股；（四）个人持有的从代办股份转让系统转到主板市场（或中小板、创业板市场）的限售股；（五）上市公司吸收合并中，个人持有的原被合并方公司限售股所转换的合并方公司股份；（六）上市公司分立中，个人持有的被分立方公司限售股所转换的分立后公司股份；（七）其他限售股。

　　According to Article 1 of the Supplementary Notice of the Ministry of Finance, the State Administration of Taxation, and the China Securities Regulatory Commission on Relevant Issues Concerning the Collection of Personal Income Tax on Income from the Transfer of Restricted Shares of Listed Companies by Individuals (Caishui [2010] No. 70), the restricted shares referred to in this notice include: (1) restricted shares as stipulated in Caishui [2009] No. 167; （2） Unresolved restricted shares acquired by individuals from institutions or other individuals; （3） Restricted shares acquired by individuals through lawful inheritance or lawful division of family property; （4） Restricted shares held by individuals that have been transferred from the proxy share transfer system to the main board market (or the SME board, ChiNext board market); （5） In the absorption and merger of listed companies, the shares of the merging company converted from the restricted shares of the original merged company held by individuals; （6） In the separation of a listed company, the shares of the separated company converted from the restricted shares held by individuals in the separated company; （7） Other restricted shares.

　　《财政部 国家税务总局关于股票增值权所得和限制性股票所得征收个人所得税有关问题的通知》（财税[2009]5号?）第三条规定，限制性股票，是指上市公司按照股权激励计划约定的条件，授予公司员工一定数量本公司的股票。

　　According to Article 3 of the "Notice of the Ministry of Finance and the State Administration of Taxation on Issues Related to the Collection of Personal Income Tax on Income from Stock Appreciation Rights and Restricted Stocks" (Caishui [2009] No. 5), restricted stocks refer to a certain number of stocks granted by a listed company to its employees in accordance with the conditions stipulated in the equity incentive plan.

　　根据上述规定，你公司员工取得的限制性股票不属于财税[2009]167号和财税[2010]70号文件规定的限售股，是公司按照股权激励计划约定的条件授予员工的，属于财税[2012]85号文件中规定的从公开发行和转让市场取得的上市公司股票。员工取得限制性股票解禁前的股息红利所得不适用按50%计入应纳税所得额并适用20%的税率计征个人所得税的政策，而适用财税[2015]101号文件第一条规定的股息红利差别化个人所得税政策。

　　According to the above regulations, the restricted shares obtained by your company's employees do not belong to the restricted shares stipulated in the documents Caishui [2009] No. 167 and Caishui [2010] No. 70. They are granted to employees by the company according to the conditions stipulated in the equity incentive plan, and belong to the listed company stocks obtained from public banks and transfer markets as stipulated in Caishui [2012] No. 85. The policy of calculating personal income tax at a rate of 20% on dividends and bonuses obtained by employees before the lifting of restricted stock restrictions does not apply to the 50% calculation of taxable income and the application of the 20% tax rate. Instead, the policy of differentiated personal income tax on dividends and bonuses stipulated in Article 1 of document Caishui [2015] No. 101 applies.

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